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U.S. Bank vs. Chase: Which Is Best for You?

Feb. 14, 2020
Banking, Banks & Credit Unions, CDs, Checking Accounts, Savings Accounts
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U.S. Bank and Chase offer similar benefits, such as multiple account offerings and extensive ATM and branch networks. But which is best for you? To help you decide, we compared them side by side.

U.S. Bank vs. Chase snapshot comparison

U.S. Bank

3.0 NerdWallet rating

Chase

3.5 NerdWallet rating

Checking accounts
U.S. Bank Easy Checking

  • Monthly fee: $8.95 with paper statements, or $6.95 with eStatements. (Three ways to waive the fee, including direct deposit.)
  • Minimum opening deposit: $25.
  • Chase Total Checking®

  • Monthly fee: $12. (Three ways to waive it, including direct deposit.)
  • Minimum opening deposit: $0.
  • Savings accounts

    U.S. Bank Standard Savings

  • Interest rate: 0.01% APY on all balances.
  • Monthly fee: $4. (Three ways to waive it include minimum $300 daily balance.)

  • Chase SavingsSM

  • Interest rate: 0.01% APY.
    (effective 12/20/19; rates are variable and subject to change)
  • Monthly fee: $5. (Five ways to waive it include minimum $300 daily balance.)
  • Certificates of deposit
    U.S. Bank Certificate of Deposit

  • 1 year: 0.10% APY.
  • 5 years: 0.60% APY.
  • Minimum deposit: $500.
  • Chase CD interest rates

  • 1 year: 0.01% APY.
  • 5 years: From 0.01% APY.
  • Minimum deposit: $1,000.
  • Overdrafts, ATMs, customer service
  • Overdraft fee: $36, maximum of four per day.
  • Overdraft protection transfer fee: $12.50 per day.
  • Branches: Over 3,000.
  • ATMs: 4,700.
  • Customer service: Available by phone 24/7.
  • Overdraft fee: $34, maximum of three per day.
  • Overdraft protection transfer fee: $0.
  • Branches: Nearly 4,900.
  • ATMs: 16,000.
  • Customer service: Available by phone 7 a.m.-12 a.m. ET.
  • Choose Chase if:

    Choose Chase if:

    • You want to see if you qualify for sign-up bonus of $200 for checking (bonus offers expires 10/14/2020).
    • You’re looking for checking accounts with easy ways to waive monthly fees.

    Choose U.S. Bank if:

    Choose U.S. Bank if:

    • You can take advantage of CDs that have lower deposit requirements and earn more interest than Chase’s CDs.

    Below is a detailed breakdown of how the banks compare.

    Basic checking accounts

     U.S. Bank Easy CheckingChase Total Checking®
    Monthly fees
    $8.95 ($6.95 if you opt for online statements).


  • Receive direct deposits of at least $1,000 each month.

  • Maintain an average daily balance of at least $1,500.

  • Account holder is 65 or older.

  • $12.



  • Receive direct deposits of $500 or more monthly.
  • Maintain a minimum daily balance of $1,500.
  • Maintain an average beginning day balance of at least $5,000 across eligible Chase accounts.

  • Minimum opening deposit$25.$0.
    Interest on balancesNo.No.
    ATM fee
  • About 4,700 free U.S. Bank ATMs.
  • $2.50 fee for using non-U.S. Bank ATMs in the U.S. and abroad.
  • 2% or 3% fee for ATM use abroad, depending on transaction being in U.S. dollars or foreign currency.
  • 16,000 free Chase ATMs.
  • $2.50 fee for using non-Chase ATMs.
  • $5 fee for using international out-of-network ATMs, plus foreign debit card transaction fee of 3% of amount withdrawn.
  • » See more options on our list of best checking accounts
    U.S. Bank’s monthly fee is lower, but Chase makes it easier to waive its fee. New Chase customers can qualify for a sign-up bonus (expires 10/14/20). Both banks have premium checking accounts that earn minimal interest and have higher minimum-balance requirements.

     

    Basic savings accounts

     U.S. Bank Standard SavingsChase Savings℠
    Monthly fees$4.

  • Maintain a daily balance of at least $300.
  • Keep $1,000 or more as the average monthly balance.
  • Account holder is under 18.

  • $5.


  • Keep a daily balance of $300 or more.
  • Have a recurring transfer of at least $25 each month from your Chase checking account.
  • Have a linked Chase Premier PlusSM, Premier Sapphire CheckingSM, Better Banking or Private ClientSM checking account.
  • Account holder is under 18.

  • Interest on balances0.01%.0.01% (effective 12/20/19; rates are variable and subject to change).
    Minimum opening deposit$25.$0.
    Automatic transfer from linked checking?Yes.Yes.
    » Want better rates? See NerdWallet's list of high-yield online savings accounts
    Neither bank has strong interest rates and both charge monthly fees, so you could lose money while trying to save. U.S. Bank and Chase have premium savings or money market accounts that can earn somewhat better rates, but they require a qualifying linked account or higher minimum balance.

     

    Certificates of deposit

     U.S. BankChase
    Minimum deposit$500.$1,000.
    Standard APY on 1-year CD
    0.10%.0.01%.
    Standard APY on 3-year CD0.30%.0.01%
    Standard APY on 5-year CD
    0.60%0.01%.
    (For more in-depth details, see our review of Chase’s CD rates.)
    Rates are based in San Francisco and may vary by location.
    » To compare, see our latest top CD rates
    Both banks’ CDs have low rates — online banks offer five-year CDs with rates upwards of 2%. But U.S. Bank gets the nod over Chase because most of U.S. Bank’s CDs earn a little more interest than similar Chase CDs. Also, U.S. Bank has lower deposit requirements for its regular CDs.

     

    Banking experience

     U.S. BankChase
    Branches
    Over 3,000.Nearly 4,900.
    WebsiteNicely arranged. Helpful for comparing accounts, but can feel outdated in places.Sleek, fast, easy to use.
    Banking apps (ratings from app store users)4.8 out of 5 stars for iOS.
    4.6 out of 5 for Android.
    4.8 out of 5 stars for iOS.
    4.4 out of 5 for Android.
    Customer serviceAvailable 24/7 by phone; support also via email and social media.
    Available 7 a.m.-12 a.m. ET by phone; support also via email and social media.
    Both banks have comparable mobile app ratings. Chase has more branches, but it has extended customer service hours daily instead of 24/7 access like U.S. Bank has.

     

    Overdraft fees

     U.S. BankChase
    Overdraft fee$36, maximum of four per day.$34, maximum of three per day.
    Overdraft protection transfer fee$12.50 per day.$0.
    Extended overdraft fee $25 per week, beginning on the eighth consecutive calendar day with a negative balance.$0.
    If your account goes negative, you’d probably pay fewer fees with Chase. Keep in mind, though, that some online banks have more flexible overdraft policies.

    Chase has an edge

    Chase has more to offer thanks to a sign-up bonus and slightly easier ways to waive its basic checking account fee. But U.S. Bank might be better if CD rates factor into your decision. If you’re looking to save money at high rates, consider shopping around at credit unions and online banks.

    » To see more options, see what other national banks have to offer

     

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